Ripple And Justin Sun At Fault As XRP And TRX Among Worst Performing Cryptocurrencies In 2019
The overall cryptocurrency market has been on a bullish run as Bitcoin (BTC) celebrates yet another day above the $10,000 USD, a 200%+ increase since January 1st. Altcoins have not followed the trend so closely despite most coins seeing major gains since the start of the year.
As altcoins such as Binance Coin (BNB), Litecoin (LTC) and Bitcoin Cash (BCH) saw massive gains against the dollar during BTC’s bullish run, Ripple (XRP) and Tron (TRX) prices performed poorly in the last 8 months of the year – 28% and 15% decrease in USD value since the start of 2019.
Tron (TRX) And Ripple (XRP) Struggles In 2019
BitDealer, a cryptocurrency trader and analyst, gathered data from BitMex showing the performance of various cryptocurrencies since the start of 2019. One thing is clear, XRP and TRX have notably been struggling to gain momentum on the trading charts with no significant improvement being noted.
Cryptocurrency trader, BitDealer_, ranks XRP and TRX as worst performing cryptos across major pairs. (Source: BitMex)
At the moment XRP is trading at a price of $0.26 which is not a good improvement from when it was at its lowest this year. TRX is trading at 18% discount from its January 1st closing price, currently trading at $0.015811 USD as at time of writing. TRX and XRP have performed even worse vs BTC, with both cryptocurrencies recording yearly lows against the king.
The Ripple Inc. effect
When Ripple Inc. coughs, XRP catches a cold. And for the past year, the largest custodian of XRP has coughed a lot – of XRP tokens. The company releases batches of XRP to the market every quarter, pushing the price downwards artificially. This has been condemned by sections of the XRP Army looking to fork the blockchain to reduce the amount of market control the company currently has.
The continuous squabbling and feuding across the community has left many investors selling off the asset as confidence in the coin regaining its past glory dwindling.
Justin Self-Destructs Tron (TRX)
A company is characterized by the leaders its selects to push its goals forward. While Tron Foundation, the major developer of TRON blockchain and Bit Torrent, have a great marketer in Justin Sun, the young founder may be lacking in leadership. A factor that has caused mayhem and trolling of the gaming based blockchain.
The failed Warren Buffet charity lunch, demos at the Tron headquarters after investors were scammed (followed by a late response on the matter) and his detainment in China, his endless announcements of announcements etc. have all played a role in the continued downward spiral of the token in 2019.